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Sprint CEO Cuts Pay to Reflect Cost of iPhone

May 5, 2012, 12:22 PM by Eric M. Zeman

Sprint CEO Dan Hesse has agreed to pay cuts in order to appease shareholders disappointed with the costs to Sprint for adopting Apple's iPhone. His 2012 salary will be reduced, as will several incentive pay items. "These voluntary actions regarding my personal compensation, which total $3,250,830, will eliminate any benefit for me to the discretionary adjustment the compensation committee made earlier this year," Hesse said in a letter to the company. Sprint has taken on costs as high as $15 billion, which will be spread over several years, in order to sell the iPhone. The costs have impacted Sprint's financial performance in the market.

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Comments

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This forum is closed.

BigRed75

May 5, 2012, 12:41 PM

That's what happens when you sign a deal with the devil

Sprint is a mess

planethulk

Is there a time when you don't troll the site just waiting to talk $%^& about Sprint?

...

melrhodes

Apple messed it all up and now sprint will put the burden not just on Dan but also on the employees.

...

jeryzkid22

May 6, 2012, 4:29 PM

Apple isn't the Devil!

How can anyone say that Apple is the Devil? They gave Sprint a bulk discount off the MSRP on each Iphone! Who wants to pay $650 for one iphone when you can pay $649 for each one if you buy more than 5 billion dollars worth of them!!!!! 👀

Naytess

May 5, 2012, 3:52 PM

To all the haters...

...I commend Dan for this decision. Sprint new it'd be a few years before this deal started to work in their favor. However, I'm sure they didn't expect to have their CEO have to take a pay cut to help absorb the initial blow of this deal. I feel it was a good and responsible move on his part.
To all the haters who keep saying "This will be the downfall of Sprint..." - people have been saying that for years. For those of us who remember Sprint under its previous CEO...we remember the mess Dan was tasked with cleaning up after the Nextel debacle, the low customer satisfaction, the inept customer service reps, and the lackluster phone lineup. All of these were reasons why I chose to leave Sprint after being a customer for 8 years. But, all o...
(continues)

Kenzin

If Sprint doesn't get its stock prices above $4 a share...it will indeed go away!

And it does pain me to say this as I actually like Sprint and Dan!

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